January 8th Mortgage Industry Update
January 8th, 2015 Mortgage Industry Update
As the year starts, we see lenders continue to offer promotional rates that were common throughout last year. No significant changes have occurred, or are expected.
Additionally this week:
– Alberta housing market starting to slowdown says BMO; Due to slow down in energy sector. [fancy_link link_text=”Learn More” url=”http://globalnews.ca/news/1757580/oils-collapse-sends-shiver-across-albertas-real-estate-market/” float=”none”].
– Average Toronto home price rose to $566,726 in 2014, an 8.4 per cent year-over-year increase. TREB says because shortage of available homes.
– GTA sees 46 per cent increase in $1M+ condo sales. [fancy_link link_text=”Learn More” url=”http://www.thestar.com/business/real_estate/2015/01/07/1_millionplus_home_sales_surge_38_per_cent_in_gta.html” float=”none”].
– Poll from CIBC shows that 65 per cent of Canadians are starting the New Year feeling confident of reaching their financial goals.
– Hamilton is 2015 boom town says TD Bank. Demand is outpacing supply. [fancy_link link_text=”Learn More” url=”http://www.cbc.ca/news/canada/hamilton/news/boom-town-hamilton-housing-predicted-to-stay-hot-in-2015-1.2883809″ float=”none”].
– Weak start to 2015 for the loonie due to energy sector revenues on shaky ground; Currently hitting a 5 year low.
Stay tuned for the next update!
For any questions and concerns please do not hesitate to call Harpreet Singh The Mortgage King at (416) 795-1919.
Anas
18 February 2016rates have been really low but in my onoiipn they are on their way up. Get a low rate now and lock it in by paying a lock in fee. Get the bank or mortgage company to sign a paper so that you know how long you have to close on a new or existing mortgage.